JEPI vs LCTO: Grades, Fees and Holdings Compared

JPMorgan Equity Premium Income ETF

JEPIANYSE Arca

Kurv U.S. Large Cap TaxOptimized ETF

LCTODCboe

Overlap

0.0%by weight

Expense ratio

JEPI −0.35pt a year

JEPI0.35%LCTO0.70%

Avg volume · 30D

JEPI 11057.5×the volume

JEPI4.4MLCTO398

JEPI vs LCTO Performance

Jul 31, 2026 – Oct 30, 2026

+2.1%JEPI+0.1%LCTO

Expense ratio: JEPI 0.35%, better; LCTO 0.70%
Fund size: JEPI $46.2B; LCTO $0
1Y total return: JEPI +9.6%; LCTO No data
Yield (12M): JEPI 7.93%; LCTO No data
Holdings: JEPI 134; LCTO 13
Avg volume (30D): JEPI 4.4M sh, better; LCTO 398 sh
NAV per share: JEPI $57.54; LCTO $24.55
52W range

ETF.net Grade

Pillar letters and Scores for JEPI, LCTO, with each pillar’s weight
Pillar	JEPI	LCTO
Cost30% weight	A87Higher	D30
Mission25% weight	A100	Not scored
Risk15% weight	C52Higher	C50
Tradability15% weight	A77Higher	D35
Holdings10% weight	A80Higher	C42
Durability5% weight	A94Higher	F8

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. JEPI and LCTO are both graded against the same 15 S&P 500 Active Option Income funds, so their Grades compare head to head.

S&P 500 Active Option Income⁠

Category · 15 funds

See all 15 ›

JEPI ranks 1st and LCTO 11th of 15 funds in the S&P 500 Active Option Income Category.

Rank 1AJEPIJPMorgan Equity Premium Income ETFScore 83
Rank 2AJOYTJPMorgan Equity and Options Total Return ETFScore 76
Rank 10DUPSDAptus Large Cap Upside ETFScore 39
Rank 11DLCTOKurv U.S. Large Cap TaxOptimized ETFScore 35
Rank 12FACEIInnovator Equity Autocallable Income Strategy ETFScore 23

Our read on each fund

ETF.net Research

JEPIAJPMorgan Equity Premium Income ETF

LCTODKurv U.S. Large Cap TaxOptimized ETF

In short

JEPI The fund that made "covered call income" a household phrase. JEPI pairs an actively picked, lower-volatility slice of the S&P 500 with call premium collected through equity-linked notes, and pays it out monthly.

LCTO No data

Stated mandate

JEPI Seeks current income and capital appreciation while pursuing most of the S&P 500's total-return exposure with lower volatility and incremental income.

LCTO No data

Why people hold it

JEPI Charges 0.35% against a 0.60% peer median. Pure index buy-writes like IVVW go cheaper at 0.25%, but here the fee also buys active stock selection.
Not a plain index buy-write: roughly 130 stocks are chosen for lower volatility, with call exposure layered on through equity-linked notes tied to the S&P 500.jpmorgan.com
Launched in 2020, it grew into a giant of options income: multi-billion-dollar asset base, very actively traded, and among the stronger builds in a crowded peer group.
Pays monthly, and the mandate targets a relatively stable distribution level rather than whatever premium happens to land that month.jpmorgan.com

LCTO No data

Worth knowing

JEPI Selling calls trades away part of a big rally. The premium is the payment for that ceiling on upside.jpmorgan.com
Premium arrives via equity-linked notes, so the fund carries exposure to the banks issuing those notes alongside ordinary stock risk.jpmorgan.com
Income is variable, not fixed. Option premiums swell when markets are jumpy and shrink when they are calm, and payouts follow.jpmorgan.com

LCTO No data

Full JEPI profile⁠

Full LCTO profile⁠

JEPI vs LCTO Holdings

How JEPI and LCTO differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of JEPI and 0.0% of LCTO.

Level by level

Holdings0 in both0.0%
Sector11 Sectors76.9%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in JEPI and LCTO, widest gap first
Sector	More in JEPIMore in LCTO	JEPI	LCTO
Technology	LCTO +21.7 points	18.4%	40.1%
Consumer Staples	JEPI +6.1 points	10.5%	4.4%
Health Care	JEPI +5.1 points	14.5%	9.4%
Industrials	JEPI +4.4 points	12.0%	7.6%
Utilities	JEPI +4.0 points	5.9%	1.9%
Consumer Discretionary	JEPI +1.7 points	10.4%	8.7%
Communication	LCTO +1.4 points	8.5%	9.9%
Financials	JEPI +0.7 points	12.0%	11.3%
Real Estate	JEPI +0.6 points	2.3%	1.7%
Energy	JEPI +0.5 points	3.9%	3.4%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in JEPI and LCTO, widest gap first
Country	More in JEPIMore in LCTO	JEPI	LCTO
Switzerland	JEPI +0.6 points	0.9%	0.3%
Other countries (6)	LCTO +0.6 points	99.1%	99.7%

Concentration

Weight in the 10 largest Holdings

JEPI18.4%
LCTO100.4%

Securities held

JEPI133
LCTO12

Asset class

JEPI: Equity
LCTO: Equity

Holdings

Only in JEPI133
In both0
Only in LCTO12

Only in JEPI

133 securities, 100% of JEPI by weight

Mastercard Inc Common1.96%
Apple Inc Common Stock1.94%
Microsoft Corp Common1.94%
Visa Inc Common Stock USD1.85%
Nextera Energy Inc1.80%
Johnson & Johnson Common1.80%
Eog Resources Inc Common1.78%
3M Co Common Stock USD1.77%
JPMorgan Prime Money1.76%
AbbVie Inc Common Stock1.76%
Amazon.com Inc Common1.74%
Philip Morris1.73%
Costco Wholesale Corp1.71%
NVIDIA Corp Common Stock1.69%
Meta Platforms Inc Common1.64%
Broadcom Inc Common1.61%
Trane Technologies PLC1.60%
Lowe's Cos Inc Common1.56%
Alphabet Inc-Cl A -1.43%
Mondelez International1.33%
Rtx Corp1.24%
Ross Stores Inc Common1.23%
Eaton Corp PLC Common1.21%
Lam Research Corp Common1.21%
Eli Lilly and Company1.18%
Ecolab Inc Common Stock1.16%
Howmet Aerospace Inc1.16%
Regeneron Pharmaceuticals1.11%
Vertiv Holdings Co1.06%
Pepsico Inc Common Stock1.05%
Progressive Corp/The1.00%
Citigroup Inc Common0.98%
Entergy Corp Common Stock0.98%
SPX_120.97%
Vertex Pharmaceuticals0.97%
SPX_110.97%
SPX_100.96%
Sempra Common Stock USD0.96%
Micron Technology Inc0.95%
The Southern Company0.95%
Advanced Micro Devices0.93%
SPX_180.93%
SPX_170.92%
Conocophillips Common0.92%
SPX_140.92%
SPX_160.92%
SPX_150.92%
Equinix Inc Reit USD0.91%
SPX_80.91%
SPX_90.91%

Only in LCTO

12 securities, 100% of LCTO by weight

iShares Core S&P 500 ETF37.72%
PIMCO Short Term Municipal Bond Active Exchange-Traded Fund23.69%
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF17.07%
VanEck High Yield Muni ETF8.59%
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund4.14%
iShares National Muni Bond ETF3.68%
United States Treasury Bill 06/10/20271.99%
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund1.65%
Ivv 12/18/2026 770 C1.00%
VanEck Intermediate Muni ETF0.74%
VanEck Long Muni ETF0.48%
Fidelity Inv Mmkt Govt-I 12/31/20310.07%

Weight gaps

JEPI and LCTO share no securities.

All 133 JEPI holdings⁠All LCTO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JEPI vs LCTO Cost

Overpaying LCTO vs JEPI

$6,480

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JEPI 0.35%
$7,126
LCTO 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

JEPI 0.35%
LCTO 0.70%
Overpaying

Year by year

Year	JEPI	LCTO	Overpaying
10	$634	$1,250	$616
20	$2,454	$4,760	$2,306
30	$7,126	$13,606	$6,480

Expense ratio

0.35%JEPI, cheaper
0.70%LCTO

JEPI0.35%LCTO0.70%

0.25%0.92%

Middle half of S&P 500 Active Option Income funds
Median 0.56%

JEPI 2nd cheapest of 15 funds

LCTO 10th cheapest of 15 funds

JEPI vs LCTO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JEPI 7.93%; LCTO No data
Payout (12M): JEPI $4.56; LCTO No data
Last payment: JEPI $0.34; LCTO $0.05
Ex-dividend: JEPI Oct 1, 2026; LCTO Oct 28, 2026
Paid on: JEPI Oct 5, 2026; LCTO Oct 29, 2026
Frequency: JEPI Monthly; LCTO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPIMonthly · 45 paymentsAll JEPI payments⁠

LCTOMonthly · 3 paymentsAll LCTO payments⁠

JEPI vs LCTO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JEPI 7.8%LCTO No data
Return per unit of riskSharpe ratio, 3 years: JEPI 0.87LCTO No data
Worst fallMax drawdown, 5 years: JEPI −13.7%LCTO No data
Market sensitivityBeta, 5 years: JEPI 0.43LCTO 0.00; Market = 1

JEPI and LCTO in the news

All news⁠

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Oct 16, 2026JEPI
Deep Dive
The monthly check from JPMorgan Equity Premium Income ETF, JEPI, is already inside a return that trailed the S&P 500
Oct 14, 2026JEPI
Deep Dive
JPMorgan Equity Premium Income ETF paid $0.34 a share, and the 8% yield is not a promise
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JEPI vs LCTO

In short

Stated mandate

Why people hold it